PowerFleet Inc. (PWFL) Announces Proposed Share Offering

PowerFleet, Inc. (NASDAQ: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as material handling equipment, tractor trailers, containers, cargo, automobiles, and light and heavy-duty truck fleets, today announced that it intends to offer shares of its common stock in an underwritten public offering. PowerFleet expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

PowerFleet intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, capital expenditures, potential acquisitions, repayment of outstanding indebtedness and redemption of outstanding preferred stock.

Canaccord Genuity is acting as sole book-running manager for the proposed offering.

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